Rockledge, FL
Experience: Advanced
Platform: Sierra Chart
Broker: Gain Capital, OANDA
Trading: GBP
Posts: 416 since Oct 2014
Thanks Given: 1,059
Thanks Received: 813
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Man, there is some serious wisdom in this thread. I think we so often start out looking for those large momentum moves in the market, as was said previously, and focus all our energies on finding the most promising indicator to catch all those profits. In hindsight it looks so easy, but as tiger trader said, if you are not focusing on what is happening the majority of the time in the markets (the daily fluctuations) then ultimately you are more likely to go broke trying to catch every breakout/breakdown, that you will be so financially or psychogically (or both) weathered to the point you won't be able to take full advantage of the opportunity anyway!
And that's why there is such wisdom in patience while trading. Actually I would go as far to say there is no success without it, both in waiting for the right conditions and setups, along with spending enough time in the trade to know whether it is working or not, and whether it has completed its move.
They say markets can stay irrational longer than you can stay solvent, and if this seems to speak near and dear to you then I would say you are not flexible enough, nor are you letting the market lead when you trade. Someone posted above about fading every move on a beautifully trending chart, and that is a great example of our psyche trying to impose our thoughts onto the markets vs. letting price action within the context of the market dictate our trading behavior.
A few months ago I could have read this thread and completely missed the point, I owe all my new found knowledge to this site, and those experienced and gracious enough to post here. Just hoping I can give back. Thanks.
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